Tuesday, November 12, 2019 1:16:23 PM
We are getting closer to some answers and why would Apollo Global Management not come forward and speak about their involvement in trying to hijack the IP of PS Targeting ?? Would Apollo Global Management have prior dealings with fraudulent type activities ?? YES
Maybe Ayer Capital that was forced to shut down holding / trading PPHM amidst the sabotage in 2012 has connections to Elizabeth Gore ? Maybe....because Ayer Capital had Dr Jay Venkatesan with Al Gore right hand man Pieter Boelhouwer ....the puzzle pieces are ALL surfacing
Apollo Management Group has many ties ...including Chicago, and was John Springs Stafford brought in to play a role ...to shift the IP assets around as they HIDE their value as best they could but I will say this....
New NEW IIS coming forward as they see the astronomical value in Avid Bioservices CDMO which includes about 15% royalties and ALL manufacturing rights etc etc and MORE TO COME.....
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Pieter Boelhouwer
https://imbria.com/about-us/#board-of-directors
Pieter Boelhouwer, J.D.
Managing Director of Strategy and Operations at RA Capital Management
Pieter Boelhouwer is a Managing Director of Strategy and Operations at RA Capital Management. Pieter’s primary responsibility at RA Capital is to lead major strategic initiatives and drive operational excellence across the firm. Pieter previously worked as a consultant with McKinsey & Company, where he managed a variety of healthcare engagements, including pharmaceutical mergers, biotech product launch plans, OTC product rationalization, and hospital acquisitions. He held senior management positions at two successful start-up companies that were acquired and has over 14 years of experience investing in the global healthcare sector, both as a Partner and Managing Director at Matrix Capital Management and as a General Partner and Managing Director at Ayer Capital Management, a healthcare-focused hedge fund. He also gained extensive legislative and public policy experience early in his career as a Legislative Aide to former United States Senator David Boren, and as a Domestic Policy Advisor to former Vice President Al Gore. Pieter has been recognized as one of the outstanding leaders in the U.S. through his selection as a White House Fellow, and he currently serves on the Board of Directors of the White House Fellows Foundation. He holds a BA from Trinity College and a JD from Yale Law School.
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Leon Black’s Apollo Global sued over alleged fraud
By Josh Kosman
August 4, 2017 | 9:45pm
Leon Black’s Apollo Global Management conspired to swipe a $20 million stake in a Dutch logistics company held by a group of former executives, a lawsuit filed in a Florida federal court contends.
Apollo pulled off the alleged fraud in 2013 by arranging a debt-for-equity restructuring of the then-struggling Ceva without notifying the management of the Netherlands company, the suit claims.
The private equity firm bought up a chunk of Ceva’s discounted debt before pulling the trigger on the debt-equity swap, according to court papers.
The restructuring allowed Apollo to maintain ownership of the Ceva — but left the equity held by the executive worthless. Since the former brass were left out of the debt-swap, their $20 million stake in Ceva went up in smoke, court papers allege.
The suit, filed in a Jacksonville court, names Apollo plus senior partner Gareth Turner and former principal Mark Beith.
For Apollo the timing of the new suit may not be ideal.
Presently, French company SNCF Geodis is in talks to buy Ceva in a deal that could leave Apollo’s pockets stuffed with profits, sources familiar with the situation said.
Apollo jumped into the logistics business in 2007 when it bought two companies, TNT Logistics for $1.9 billion, and Eagle Logistics for $2 billion. It combined the two and named the new entity Ceva.
Black’s PE firm then offered Ceva brass the chance to purchase shares in the combined entity, telling them, “Apollo and Management will be aligned to share in value creation,” the suit alleges.
At one point when Ceva was struggling financially, Morgan Stanley, working for the logistics company, produced a Jan. 28, 2013, report that indicated Ceva’s value could be as high as $3.75 billion — an amount high enough to satisfy debt obligations and provide value to equity holders, the suit alleges.
Yet, Ceva, instead of exploring a sale or an IPO, decided Morgan Stanley’s findings were “flawed and inconclusive,” the suit alleges.
The debt-for-equity swap followed.
The executive found out about their suddenly worthless stock in a letter: “In light of .?.?. Ceva’s financial condition, we have been advised that it is unlikely that there will be any recoveries for shareholders,” the letter said, according to the suit. “The directors regret having to write you with this information.”
Apollo declined comment.
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